Industrial Analysis

Market Summary

The regional industrial market continues to grow with strong overall fundamentals. Leasing activity continues to be limited in recent years due to a tight vacancy rate and a lack of new industrial inventory in the market.

Regional Comparison

There is approximately 60.4 million square feet of industrial inventory in Fayette County and the six surrounding counties as of Q1 2021. Fayette County has received a larger share of new industrial development over the past 20 years. There has been 5.6 million square feet of new industrial delivered in Fayette County compared to 2.5 million square feet in surrounding counties.

Trendline Analysis

Trendlines project 20-year demand between 1.3 million square feet and 5.6 million square feet of new industrial space. Based on the current metrics of Lexington’s industrial market and the opportunities for growth moving forward, it is feasible for Lexington to target the moderate growth scenario.